The prices in real estate in Manila, in the Metro Manila region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Manila has increased strongly during the last 6 months. In April, the average price per m² was ₱ 78,413. In the following month the price per m² increased considerably to ₱ 118,764. The price for the following two months in (June, July) had a considerable increment of 122 %. The price per m² has increased 112 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of ₱ 109,525 to ₱ 122,533 during August, and September.
Based upon to the price in Manila (cities), these have remained the same in the last 6 months. The average price for April is ₱ 11,027,685. During May the price had a considerable reduction till ₱ 5,642,229. During the following two months (June, July) the average price had a considerable reduction of 75 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 262 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of ₱ 22,268,991 they are 80 % more affordable than the average price for Manila. The properties with the highest average price have 4 bedrooms, Their price is 28 % more costly than the average. After that we have properties with 3 bedrooms priced at ₱ 11,307,739.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of ₱ 104,904 / m², with an average ₱ 134,110 / m² price in Manila. The properties with the highest average prices have 1 bedroom. They are 5 % more expensive than the average followed by properties with 2 bedrooms with a price at ₱ 136,123 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of ₱ 22,268,991 it is 86 % cheaper than the average price in Manila. "Condominium" is seen as the second most affordable property type. The dearest property type is "Lot" followed by "Townhouse". At a price of ₱ 32,356,287 it is 980 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Apartment" at an average cost of ₱ 72,560 / m² followed by "House" priced at ₱ 91,681 / m². "Commercial Lot" is the most costly type of property with a ₱ 192,196 / m² cost followed by "Condominium" with an average price of ₱ 153,511 / m².